Modern American History Unit 1 (AC)

Laissez Faire 

Laissez Faire 

Economic policy with very little government interference or regulation, based on a free-market w/supply and demand.

Point is, people made monopolies and engaged in bad business practices because of low regulation.

Social Darwinism

Theory of natural selection applied to economics, poor deserve to be poor.

Point is that people used this to support their beliefs of superiority over others and social inequality (b/c it was based in science).

Gospel of Wealth

The wealthy had a responsibility to give back for the greater good (Andrew Carnegie).

Point is that rich philanthropists gave money because they believed only they were smart enough to do so.

Verical Integration

Method of monopoly that featured control of all phases of production in a particular industry.

Point is that businesses would buy out all services/products they need + cut costs.

Horizontal Integration

Method of monopoly that features the control of businesses within a single industry.

Point is, combining business helped them eliminate competition and dominate the industry.

Pools

Secret agreements to split a region up to control prices.

Point is, forced people from one side to go to one specific place, even if other was closer, resulted in them having higher prices.

Stock-watering

Over-valuing a stock before selling it.

Point is, allowed the seller to gain more profit and sums of money, while also increasing inflation.

Andrew Carnegie

Poor Scottish immigrant that eventually became the richest man in the world and dominated the steel industry.

Point is he used vertical integration to do this, pioneered the gospel of wealth, and his steel was made fast and cheap.

John D. Rockefeller

American in Ohio that eventually had his company, ‘Standard Oil Company’ take 90% of the market.

Point is, he used horizontal integration to buy out competitors w/ low prices, lowered prices and increased quality of oil.

Cornelius Vanderbillt

American success story who made his fortune first in steamships and, later, the railroads.

Point is, he used aggressive business tactics to monopolize the railroad network. donated the money to create Vanderbilt University

Captains of Industry.

Term used to describe the big business leaders of the Gilded Age in a positive light.

Point is, they gave jobs, boosted economy and industry, and philanthropy.

Robber Barons

Term used to describe the big business leaders of the Gilded Age in a negative light.

Point is, they treated workers poorly, engaged in corrupt practices, and hoarded wealth.

In Re Debs

1895 Supreme Court Case from Pullman strike that declared court injunctions to end strikes were constitutional.

Point is, court couldn’t disrupt commerce or mail delivery (end strikes by military).

AFL

Labor union founded in 1880s, led by Samuel Gompers with skilled workers.

Point is, they had more influence because they worked in jobs that required skilled labor, and they fought for higher wages and better working conditions, rather than political change, causing them to be succesful.

Knights of Labor

2nd national union that fought for social reforms.

Point is, all workers (women, Blacks, and unskilled) were represented and they worked for child-labor reforms and abolition of monopolies, but later declined due to violence and riots.

Lockout

Temporary closing of a place of employment.

Point is, shut down labor movements and exert power over them, and weakening their influence.

Strikes

Organized work stoppages meant to to force management to an agreement.

Point is, historically allowed laborers to work for less time, get more money, get better working conditions.

Push factors

Undesirable factors that forced people to leave their home country.

Point is, people went to United States because previous country lacked something.

Pull factors

Factors that attract people to travel somewhere.

Point is, main reason people went to US because availability of jobs and hope for better life.

Old immigrants

Arrived in early 1800s, from Western Europe and mainly Protestant.

Point is, easier for them to Americanize because most spoke English and had money.

New Immigrants

Arrived in late 1800s, from Southern+Eastern Europe, Catholic and Jewish.

Point is, language, culture, and economic status made process harder.

Nativism

Describes Americans that are anti-immigrant and viewed immigrants as competition.

Point is, although they saw them as a risk to housing and employment, they themselves were also previously immigrants, seen in all time periods.

Interstate Commerce Act

First law that required Railroad rates to be reasonable and just.

Point is, created a commission to investigate and punish corrupt practices, first federal step to regulate business on a large scale.

Sherman Antitrust Act

Federal law that prohibited any restraint of trade, such as contracts or agreements to fix prices or merge.

Point is, was very vague and weak and was actually used against unions whose strikes ‘restrained trade’.

Tenements

Crowded city apartment buildings designed to maximize number of people living there.

Point is, lack of regulations caused poor sanitation and living conditions, and contributed to worsening effects of urbanization.

Steerage

Lowest class of accommodations on passenger ships, that were crowded and filthy.

Point is, poor immigrants, even on their ride to the US, did not have access to sanitary environments and represented their limited access to basic needs.

Ellis/Angel Island

Ellis Island (New York) and Angel Island (California), were both immigration stations in the United States used in the Gilded era. Immigrants would go through inspections and processing here, Ellis island mainly had European immigrants going to it, while Angel Island mainly had Asians going to it.

Point is, they were 2 historically important islands where people from across the world would go through in search of job opportunities and a better life.